Quick Facts on TARRIF CLASSIFICATION OF GOODS.
A Tarrif is a system of duties imposed by the government upon goods imported/exported. A customs tariff therefore shows how much duty is payable on imported or exported goods.#Customs101
🔽bit.ly/TarrifClassifi…
𝙒𝙝𝙖𝙩 𝙞𝙨 𝘾𝙪𝙨𝙩𝙤𝙢𝙨 𝘾𝙡𝙖𝙨𝙨𝙞𝙛𝙞𝙘𝙖𝙩𝙞𝙤𝙣?
Customs Classification refers to a particular category in the Nomenclature in which a product is classified or categorized. #Customs101
The importance of using a common nomenclature (code-naming) to classify goods in international trade helps in;
a) Levying of Customs duties
b) Collection of statistics
c) Determining the origin of goods
d) Monitoring controlled goods
e) Enforcing trade barriers #Customs101
What is the Harmonized Commodity Description and Coding System (HS)?
It is an International system for classifying goods for trade purposes. The HS is a universal economic language and code for goods and an indispensable tool for international trade. #Customs101
The HS Code comprises of more than 5,000 commodity groups; each identified by a six-digit code, arranged in a legal and logical structure. It is further supported by well-defined rules to achieve uniform classification. #Customs101
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